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Two charged for attempt to defraud CPF

Atiqah Mokhtar
Atiqah Mokhtar3/31/2021 04:12 PM GMT+08  • 2 min read
Two charged for attempt to defraud CPF
Chen Zhihao Samuel is accused of withdrawing funds from his CPF Ordinary Account by artificially incurring trading losses.
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Charges have been brought against Chen Zhihao Samuel and Wong Tuck Wai Raymond for carrying out a scheme to defraud the Central Provident Fund (CPF) board.

Between September 2017 and January 2019, Chen withdrew funds from his CPF Ordinary Account (OA), by incurring trading losses when he bought shares from Wong at artificially high prices and subsequently sold the shares to Wong at artificially low prices.

His trades involved shares from Santak Holdings, CFM Holdings, RH Petrogas and Sunvic Chemical Holdings.

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